(Construction.IndustryNews247.Com, May 14, 2019 ) The report "Ceramic Tiles Market by Application (Floor, Wall, and Roof), Construction Type (New Construction, and Renovation & Replacement), End-use Sector (Residential, and Non-residential), and Region (North America, Europe, APAC) - Global Forecast to 2023", published by MarketsandMarkets™, the market is projected to reach USD 320.06 Billion by 2023 The Ceramic Tiles Market size is estimated to grow from USD 227.89 Billion in 2018 to USD 320.07 Billion by 2023, at a CAGR of 7.03%. The market is projected to witness steady growth in the next few years, due to the rise in new construction activities resulting from rapid industrialization and urbanization. Increase in investments in the construction industry, the rise in population, and growing focus toward interior decoration.

The floor segment is projected to witness the highest CAGR during the forecast period.

The floor segment is projected to be the fastest-growing segment during the forecast period. Due to their high durability, water-resistance, low maintenance, and reliability, ceramic tiles have become the top flooring solution for high traffic areas such as shopping malls and corporate centers. Ceramic tiles offer cost advantages in terms of price as compared to other premium flooring materials, owing to its minimal maintenance requirements and high durability. Such factors contribute toward their increasing application in the corporate, hospitality, healthcare, and other commercial sectors.

The residential segment is projected to dominate the market for ceramic tiles, in terms of value, through 2023.

The residential segment dominated the market in 2017, and this trend is projected to continue through 2023 as a result of the demand for aesthetic ceramic tiles and growing trend toward interior decoration. Housing renovation and maintenance have increased steadily in the recent past and are expected to further increase in the coming years, owing to the increasing disposable income of the population. All these factors are expected to fuel the demand for ceramic tiles in the residential sector.

The Asia Pacific market for ceramic tiles is projected to grow at the highest CAGR from 2018 to 2023.

Asia Pacific is projected to be the fastest-growing market for ceramic tiles during the forecast period. The growth in the region can be attributed to the growing construction industry, supportive government policies & plans, and rapid urbanization. Among all countries in the Asia Pacific region, the Ceramic Tiles Market in India is projected to grow at the highest CAGR during the forecast period. The Middle Eastern & African market is projected to grow at the second-highest CAGR between 2018 and 2023.

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